Regan seeking Co-op settlement

ENTREPRENEUR Andrew Regan, who returned to the City last week with a new venture, is in talks with the Cooperative Group about settling a multi-million pound lawsuit.

Regan, 38, faces a £10m civil action brought by the Co-op, which he tried to take over in 1997, in an audacious £1.2bn bid.

He faced criminal charges related to the bid, but walked free from court last year. The Co-op said it intended to pursue a civil claim, due to come to court next year. The claim relates partly to a supply agreement the Co-op had with a food company, Hobson, then owned by Regan.

The Co-op said Hobson secured a favourable contract with the group after bribing Co-op executives Allan Green and David Chambers. The pair were jailed for each accepting bribes of £1m.

Regan wants to put the Co-op court case behind him as he develops his City comeback, while the Co-op is also thought to be willing to settle before the case comes to court.

Lawyers for both sides are discussing a potential settlement and trying to agree an acceptable offer.

Last week, Regan was appointed chief executive of investment company Corvus Capital, a small Alternative Investment Market-listed company in which he has a 29.9%stake.